China may make sense on a case by case basis. As infrastructure in these markets is mainly greenfields, any investment will be a higher risk, growth investment relative to existing core, established infrastructure assets. While the opportunity appears strong, the infrastructure theme is also captured in other investments, including some global equity portfolios. Property investing is a localised and competitive market, and we believe there are greater structural and investment risks compared to infrastructure. While select attractive opportunities to invest in Chinese or Indian property may arise from time to time that overcome some of the inherent risks, the returns for such an investment need to be commensurately high, and this is a significant hurdle for investors. Given the significant risks involved for unlisted property, this may be better achieved via a REITs allocation.